Some experts in the crypto industry, such as Bitcoin Bull and billionaire Mike Novogratz, see Bitcoin as the new digital gold, which could achieve a similar market capitalization as gold in the long term, according to Crypto News Flash website.
Brian Kelly, co-founder of Fundstrat Global Advisors, said Bitcoin is on its way to hit a new all-time high, adding that the cryptocurrency can reach a price of $250,000.
Kelly also said the Bitcoin has been moving in a price channel since 2013, which indicates that the cryptocurrency would reach $250,000. However, the Bitcoin should see more developments in this channel, and must not break out downwards.
The Bitcoin skyrocketed more than 60,000% since its launch in 2009. The currency hit all-time high of nearly $19,000 in December 2017, and then declined to $3,167 at the end of 2018. The cryptocurrency rose gradually to reach $13,000 in mid-2019 and then declined to reach $7000. Ethereum ranked second with gains of more than 17,000% since its launch in 2015 to date.
Both cryptocurrencies have been performing well than traditional companies such as Netflix and Amazon.
The following table compares the performance of Bitcoin and Ethereum with other companies:
Netflix rose by 3,726.20% over the last 10 years to reach more than $320. Meanwhile, Domino’s Pizza moved up 2.760% from $10 in 2010 to $28.6.
Amazon, Mastercard, Apple and NVIDIA recorded robust earnings, yet lagging behind the performance of Bitcoin and Ethereum.